Nigeria in 1min: Economic, Business & Financial Headlines – 070716



July 07, 2016 7:10 AM / Proshare News 


FG spends N446bn to service debt in four months - The Federal Government spent a total of N446.44bn to service the nation’s domestic and external debts between January and April this year, figures obtained from the Federal Ministry of Finance have revealed. Source Punch Read More 

Textile Industry is Worth N4.7billion, Says Minister - Even in its moribund state, the Nigeria textile industry is worth N4.7billion, this is as indications emerged that the federal government has started the process of prioritising the revamp of the sector by encouraging local investors in the industry and patronage of locally made fabrics. Source Thisday Read More

World Bank downgrades 2016 growth forecast - The World Bank has downgraded its 2016 global growth forecast from 2.9 per cent which it announced in January to 2.4 per cent. Source Vanguard Read More 


No Nigerian bank in distress — CBN - CBN, in a statement by acting Director, Corporate Communications, Mr. Isaac Okorafor, said the infusion of a new Board and management for Skye Bank Plc was a proactive step to ensure the bank remained strong. Source Vanguard Read More 

CBN pegs liquidity ratio for commercial banks at 30% - The Central Bank of Nigeria (CBN) has said commercial banks will need to maintain minimum liquidity ratio of 30 per cent in line with regulatory requirement. The new guideline is contained in te Monetary, Credit, Foreign Trade and Exchange Policy for fiscal years 2016/2017 released by the apex bank. Source THE NATION Read More 


GCR Affirms BBB+, Stable Rating for Union Bank - Global Credit Ratings Co. (GCR) has affirmed Union Bank of Nigeria’s credit ratings of BBB+ and A2 for long and short term respectively, and a stable outlook through June 2017. Source THE NATION Read More

Shareholders approve GSK’s plan to sell drinks business - The shareholders of GlaxoSmithKline Consumer Nigeria Plc have given the company’s Board of Directors the go-ahead to divest of its drinks business, namely the Lucozade and Ribena brands. Source Punch Read More

Firm to build 75MW solar plant in Nigeria - Pan Africa Solar said it had signed the nation’s first Solar Power Purchase Agreement with the Federal Government with a plan to invest $146m in building a new power plant. Source Punch Read More

Nigeria’s untapped gas potential hits 600tcf - Nigeria’s current undiscovered gas potential is 600 trillion Cubic Feet (TCF), the Nigerian National Petroleum Corporation (NNPC) has said.The Group Executive Director/ Chief Operating Officer, Gas and Power Companies, NNPC, Engr. Source Guardian Read More 

Flared gas in Nigeria drops to 750mscf/d - With the increasing utilisation of associated gas, flared gas has dropped from over one billion standard cubic feet per day (bscf/d) to 750 million standard cubic feet per day (mmscf/d) as at the end of last year. Source THE NATION Read More 

PENGASSAN To Shut Down Oil Operations, Meets FG Today - Oil workers under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) are set to proceed on strike today. The strike, the oil workers said, would shut down all operations and activities in the country’s oil and gas industry. Source Leadership Read More

Gold hits two-year high - The price of gold on Wednesday reached peaks last seen more than two years ago as investors fled to the safety of the precious metal after Britain voted to leave the EU. Source Guardian Read More



Brexit Fallout Boosts Haven Assets as Asian Stocks Rise With Oil - The yen strengthened for a third day and gold extended gains near a two-year high as the fallout from Britain’s vote to leave the European Union spurred demand for haven assets. Energy stocks led an advance in Asian equities as oil edged higher. Source Bloomberg Read More

‘Panic’ Withdrawals Halt Four More U.K. Property Funds - Four more U.K. property funds froze withdrawals as investors sought to dump real estate holdings in the aftermath of Britain’s vote to leave the European Union. Source Bloomberg Read More

Globalisation is Dented but not Doomed - The UK’s narrow vote to leave the European Union had specific British causes. And yet it is also the proverbial canary in the coalmine, signalling a broad populist/nationalist backlash – at least in advanced economies – against globalisation, free trade, offshoring, labour migration, market-oriented policies, supranational authorities, and even technological change. Source Proshare Read More

Opening Remarks by the Governor, Bank of England - Financial Stability Report  - Today, I want to outline how the Financial Policy Committee (FPC) is ensuring that the financial system can dampen shocks and help firms and households to seize opportunities associated with the UK’s new relationships with Europe and the world. Source Proshare Read More

Statement from the Chancellor on Maintaining Support for Households and Businesses - While we are realistic about the economic challenge facing the country after the referendum result; we are reassured that collectively we can rise to it. Source Proshare Read More 

Zimbabweans stay at home in protest against economic hardships - Zimbabweans stayed at home on Wednesday and foreign banks and most businesses in the capital shut down operations in one of the biggest protests against high unemployment, an acute cash shortage and corruption for nearly a decade. Source Reuters Read More 

The world according to a $2 trillion investment chief you've probably never heard of -  A former lecturer and acting dean at Harvard University who was also once a hedge fund manager, Haefele is now global chief investment officer at UBS Wealth Management. Source BUSINESS INSIDER Read More



400 Enterprises Get N95bn BoI Intervention At Half-year - The Bank of Industry (BoI) has disbursed N95 billion to 400 enterprises in the first half of 2016. The bank made this disclosure at its yearly general meeting in Abuja. Source Leadership Read More 



Cordros Capital Rebrands with new market products

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